Question: Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and uses the LIFO retail method

Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory.

Cost Retail

Beginning inventory $ 68,000 $ 106,000

Net purchases 294,840 440,000

Net markups 22,000

Net markdowns 42,000

Net sales 393,000

Estimated ending inventory at cost is: (Do not round intermediate calculations):

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